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Federal Reserve Bank of Chicago President Austan Goolsbee said on 13 August that revisions to official U.S. economic statistics are a normal part of the data-gathering process and “shouldn’t be controversial.” Speaking amid heightened scrutiny of the accuracy of consumer-price and employment figures, Goolsbee argued that policymakers, investors and the public must remain open to updated numbers rather than treat initial releases as immutable. His comments follow moves inside the Trump administration and at the Bureau of Labor Statistics to reassess the methodology behind the monthly payrolls report, and after questions were raised about recent consumer-price index calculations. Goolsbee said the Federal Reserve routinely relies on revised data when calibrating monetary policy and cautioned that politicizing statistical adjustments risks eroding confidence in the economic information on which rate decisions depend.
